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Your Benefit
Calculating
Your Benefit - Late Retirement
You may continue working past your normal retirement
date. Your pension payments from the Plan will not
begin until you initiate your retirement and your
benefit will be calculated using your future service
benefits earned up to your actual retirement date.
In addition,
prior to April 1, 2009 the pension benefit you earned as of
your normal retirement date will be increased by 1/2 of
1% for each month that your actual retirement date
follows your normal retirement date. The late
retirement increase cannot exceed 42% and your benefit
payments must commence by April 1 of the calendar year
following the year in which the you reach age 70 and
1/2.
|
If your age when
you choose to retire is... |
The factor applied
to your normal retirement benefit earned prior
to April 1, 2009 will be... |
And the factor
applied to your normal retirement benefit earned
on and after April 1, 2009 will be... |
|
65 |
142% |
100% |
|
64 |
136% |
100% |
|
63 |
130% |
100% |
|
62 |
124% |
100% |
|
61 |
118% |
100% |
|
60 |
112% |
100% |
|
59 |
106% |
100% |
|
58 |
100% |
100% |
If you choose to return to work and suspend benefits,
your pension payments will be suspended and additional
benefits will usually
accrue. When you choose to
resume pension payments, your late retirement
reduction factor will be adjusted one time.
This adjustment is made only once no matter how many
times your benefit payments are suspended.
For further details,
please review the
Summary Plan Description.
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